BNP Paribas to move into Europe

French bank BNP Paribas is to launch a prime-broking service for European clients this year, following the success of its US prime broking operations.

Laurent Cadieu, head of European equities at BNP Paribas, said the E54.36bn French bank had both the lending capabilities and risk controls to start a prime brokerage operation.

BNP Paribas will join an increasingly crushed market, as ING Groep and Schroder Salomon Smith Barney are constructing services on the continent.

A spokeswoman from Bank of Am